Welcome to all Stittsville residents and real estate enthusiasts! We’re thrilled to present the latest Stittsville real estate market report for January 2024. In this month’s report, we delve into the key statistics that will keep you informed about the current state of the unique housing market in Stittsville.
Property Prices
In January 2024, the Stittsville real estate market saw the average sale price for a detached, single-family home recorded at $832,493. It’s important to note that this figure reflects a rise of 1.52% compared to last year’s price of $820,000 for January 2023.
Days to Sell
The statistics for the average time it took to sell a property in Stittsville in January 2024 show a slight increase from the previous year. On average, properties spent 70 days on the market, representing a slight increase of +3 days from January 2023’s average. This is more substantial when compared to January 2019. Properties spent an average of 26 days on the market then, a difference of +44 days.
Properties Sold
The start of 2024 came with an increase in the number of properties sold. In January, 21 properties in Stittsville were sold. This was an increase of +50.0% compared to the 14 properties sold in January 2023. On the other hand, if we look way back to January 2019, we see that there were 22 properties sold then, which makes it a minimal difference of -4.5% compared to January 2024.
Long-Term Market Growth
Over the past five years, Stittsville has shown a steady increase in the value of its housing market. The average cost of detached homes rose from $565,581 in 2019 to a remarkable $832,493 in January 2024, an average increase of approximately $266,912.
Looking at individual home types, we see that the average sales price change for a Bungalow from 2019 to January 2024 is $119,118, which equates to a difference of +23.0%. For a 2-Story home, the increase is more pronounced, at $301,545, equating to a difference of +56.7%. The average sales price change for a Row/Town home is $185,135, a difference of +44.4%.
Stittsville vs Ottawa
When comparing Stittsville to the broader municipality of Ottawa, we find some intriguing dynamics. The average sale price for a detached, single-family home in Ottawa for January 2024 was $731,193, a -12.2% lower than Stittsville’s $832,493 figure.
Posted Mortgage Rates
Industry-wide, the current mortgage interest rates for one, three, and five-year terms stand at 7.84%, 7.04%, and 6.89%, respectively, as of January 31, 2024.
Conclusion
In conclusion, the real estate market in Stittsville has been consistent with an upward trend in property prices and a considerable increase in property sales. It is imperative to stay updated on these trends to make the best real estate decisions.
All real estate statistics have been obtained from data reported by the Ottawa Real Estate Board’s MLS System. Our search criteria have been carefully curated to ensure more accurate stats for smaller regions of Ottawa. Although great care is taken to ensure accuracy, figures are not guaranteed as human error can occur.
